Sole Trader or a Partnership business

Sole Trader or a Partnership business

General guidelines for submission of the assignment:

1. Please write your Full name, Student ID number, the correct unit code, and name on the cover page. All assignment needs to be typed.
2. Submit the assignment on time. Any late submission will result in a 10% per day mark deduction penalty unless and until approved by the course coordinator before the due date.
3. You have to submit your soft copy of the assignment through dropbox by the due date and time.
4. For any further clarification, contact and discuss it with your course coordinator.

Assignment Question

Mr. Moli is about to retire and has about $1 million in his bank account. He has 2 sons and 3 daughters who are all above 18 and each are employed in various institutions. He has asked you for advice on his retirement since he is not feeling well, is in a wheelchair, and he wants to start up a business. All children are willing to assist their father.[unique_solution]

Required:

Firstly, describe your choice of whether he should form a Sole Trader or a Partnership business. Then write a researched essay explaining to Mr Mentor the benefits of your choice. Also describe to him the weaknesses of such a choice and how to avoid problems. 

Marking Criteria